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Tag Archives: Adjustable-Rate Mortgage

Refinancing Activity Ups Mortgage Applications 21.7%

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Coupled with an interest in conforming jumbo loans, a wave of uncertainty over economic news helped throw homeowners into a refinancing frenzy last week, feeding a surge in mortgage applications across the board. Despite upticks, purchase applications continued to flat-line in a market overshadowed by weak consumer confidence, according to the Mortgage Bankers Association. Speaking to MReport, MBA VP Mike Fratatoni added his two cents about S&P's downgrades and the nation's long-term debt crisis.

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Economic Grays Send Mortgage Rates to New Lows

On the heels of disappointing news in the broader economy, mortgage rates fell precipitously alongside Treasury bond yields Thursday, with Freddie Mac and Bankrate releasing reports that saw new lows for 30-year fixed-rate mortgages, 15-year rates, and 5-year adjustable-rate mortgages. Freddie Mac signaled the lowest pullback in 30-year fixed-rate mortgages for the year, with data for the category showing up at 4.39 percent on average, just down from 4.55 percent last week.

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Bankrate, Freddie Mac Post Conflicting Rates

On Thursday Bankrate and Freddie Mac released reports with varying conclusions about mortgage rates for this week, with the former posting a slight dip in 30-year fixed-rate mortgages and the GSE reporting few changes from last week. Publishing its Primary Mortgage Market Survey, Freddie Mac yielded a 4.52 percent with an average 0.7 percent for 30-year fixed-rate mortgages, a nominal increase from last week when the same rates lingered at 4.51 percent.

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Closing Will Cost You in New York

The numbers are in, and New York tops the list of states boasting the highest mortgage closing costs nationwide. The results of the Bankrate, Inc. survey demonstrate New York├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós dubious dominance in closing fees for the second straight year. Other high-cost areas rounding out the top five? Texas, Utah, San Francisco, and Idaho. Nationally, the total cost of origination and title fees has risen since last year by 8.8 percent, to an average cost of $4,070 on a $200,000 mortgage.

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Housing Analysts Jittery About Debt Default Scenario

Fueling fears about a federal default scenario, fragile debt-ceiling negotiations continued to splinter and stagnate this week, with Republicans refusing to budge on proposed tax increases and Democrats fighting to keep entitlements off the chopping block. If trends continue and the federal government defaults on its national debt, housing economists and mortgage rate analysts predict spikes in interest and mortgage rates, with steep and potentially catastrophic declines in homes sales.

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Freddie Reveals Declines in Mortgage Rates

Freddie Mac released a southerly primary mortgage market survey Thursday, revealing downward trends for mortgage rates across the board against a backdrop of anemic job growth and steadily increasing unemployment figures. According to the GSE, 30-year fixed-rate mortgages dipped to 4.51 percent falling from 4.60 percent last week and staying just under the 4.57 percent average it struck last year. The data for 15-year fixed-rate mortgages yielded a fall from 3.75 percent last week to 3.65 percent this week.

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Nearing Exit, Bair Shapes Legacy

Nearing the conclusion of her tumultuous five-year term, outgoing FDIC chairman Sheila Bair made moves to shape the legacy she leaves behind in July, making the case for sounder policies needed to head off the potential for a replay of the 2008 financial crisis as markets and industries move forward. Meanwhile, analysts fault a mixed legacy for Bair, citing the major roles she played in expanding the FDIC's power and passing crucial language in the Dodd-Frank Act. Bair is set to leave her post as FDIC chairman on July 8.

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Historic Lending Lows Hamper Housing Activity

Mortgage lenders across the country have reported layoffs and substantial downsizing, a consequence of heightened regulatory scrutiny, weak job growth, and brittle markets slumbering in the wake of diminishing consumer confidence. Despite a small spurt in refinancing measures and a drop in lending rates to their lowest ebb since the turn of the century, origination loan volume remains low, and lenders are coming to terms with the fact that they will be financing fewer mortgages over a longer-than-expected period.

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Mortgage Rates Continue Slide

Surveys released by Bankrate and Freddie Mac on Thursday confirm a continuing slide in fixed and adjustable mortgage rates, with analysts attributing the declines to news about weak job growth. Figures in Freddie Mac's report trended alongside those in Bankrate's weekly survey to reveal a decline for 30-year fixed-rate averages to 4.49 percent and 4.65 percent, respectively. Bankrate says its findings reflect a straight nine-week fall for mortgage rates, made more unstable by restive housing markets and long-term government debt.

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Zillow Releases New Mobile App

Homebuyers can now review the latest mortgage loan quotes right from their phone for loan shopping on the go. On Tuesday, Zillow released a statement publicizing the launch of its newest innovation: a mobile app that allows iPhone users to navigate the mortgage market and receive the latest custom quotes from lenders and mortgage bankers, with tools to determine the amount of their monthly payments and decide whether refinancing packages would make sense for their homes.

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